Have you ever considered placing a “security freeze” on your credit reports? Why would you want to?
A “security freeze” will prohibit credit-reporting agencies from obtaining any information in your credit report without your express authorization. It can assist you in preventing identity theft as obtaining credits, loans or services without your prior authorization. You can remove the “security freeze” at any time, but make sure you allow some extra time if you are planning to apply for a loan or mortgage.
If you’re interested in placing a “security freeze” for someone other than yourself, we have some good news! Effective earlier this year, North Carolina passed general statute 75-63.1 to allow a guardian or agent under a Power of Attorney to place a “security freeze” on behalf of a protected consumer. A protected consumer is defined as an individual who is under the age of 16 or who is incapacitated or for whom a guardian or guardian ad litem has been appointed with sufficient proof of authority. If you need assistance or have a question concerning this process, please contact Hester & Payseur.
Placing a “security freeze” is free to consumers who are over 62 years old. It is also free to consumers who are less than 16 years old. For all other ages, it costs $5 to place a security freeze or to subsequently remove a security freeze.
Each credit-reporting agency has its own requirements for making requests. For more details, see:
www.experian.com/freeze 1-888-397-3742
www.transunion.com/fraud-victim-resource/protected-consumer 1-800-680-7289
https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp 1-800-525-6285